|Big Thicket Messenger - Local News
Stories Added - September 2008
Copyright 2008 - Polk County Publishing Company
Hutchinson negotiates $600 million in tax incentives
Big Thicket Messenger - September 2008
U.S. Senator Kay Bailey Hutchinson this week negotiated critical tax benefits to aid Texas in its recovery efforts from Hurricane Ike.
“I appreciate the agreement that we have reached to include low-income housing tax credits, tax exempt bonding authority and bonus depreciation in the Tax Extenders bill,” said Senator Hutchinson.
The Tax Extension Bill is expected to pass early next week in the Senate.
As part of the negotiations, Texas will receive increased tax-exempt housing authority and low-income housing tax credits.
These tax benefits worth over $600 million, will now be available to all of the 29 Texas counties in the Hurricane Ike disaster area.
The package will also include enhanced depreciation deductions for businesses in the Hurricane Ike disaster area.
“Texans in these 29 counties will be able to use these valuable benefits to rebuild, restore and get back on their feet,” said Senator Hutchinson.